![Page 1: Bankrupting Our Children's Future: Why Spending and Entitlement Reform Is Vital](https://reader036.vdocuments.mx/reader036/viewer/2022062709/55921eb41a28ab864b8b4587/html5/thumbnails/1.jpg)
Bankrupting Our Children’s Future: Why Spending and Entitlement Reform Is Vital
Alison FraserThe Heritage Foundation
Southern California Community Committee June 9, 2010
![Page 2: Bankrupting Our Children's Future: Why Spending and Entitlement Reform Is Vital](https://reader036.vdocuments.mx/reader036/viewer/2022062709/55921eb41a28ab864b8b4587/html5/thumbnails/2.jpg)
![Page 3: Bankrupting Our Children's Future: Why Spending and Entitlement Reform Is Vital](https://reader036.vdocuments.mx/reader036/viewer/2022062709/55921eb41a28ab864b8b4587/html5/thumbnails/3.jpg)
0
5
10
15
20
25
30
35
40
45
50
1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050 2055
Federal Spending and Tax Revenue as a Percentage of Gross Domestic ProductSource: Congressional Budget Office and Office of Management and Budget
Medicare
Medicaid
Social Security
Federal Budget in the Future
2009
Tax Revenue
Other Spending
Net Interest
Historical Average Tax Burden, 18.3%
![Page 4: Bankrupting Our Children's Future: Why Spending and Entitlement Reform Is Vital](https://reader036.vdocuments.mx/reader036/viewer/2022062709/55921eb41a28ab864b8b4587/html5/thumbnails/4.jpg)
0
5
10
15
20
25
30
1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050 2055
Federal Spending and Tax Revenue as a Percentage of Gross Domestic ProductSource: Congressional Budget Office and Office of Management and Budget
Medicare
Medicaid
Social Security
Could Raise Taxes to Balance the Budget
2009
Tax Revenue
Other SpendingNet Interest
![Page 5: Bankrupting Our Children's Future: Why Spending and Entitlement Reform Is Vital](https://reader036.vdocuments.mx/reader036/viewer/2022062709/55921eb41a28ab864b8b4587/html5/thumbnails/5.jpg)
10
2535 35
01020304050607080
LowestBracket
MiddleBracket
HighestBracket
CorporateTaxes
What would balancing mean for tax rates on our children?
2009 2009 2009 2009
Source: Congressional Budget Office
Marginal Income Tax Rates
![Page 6: Bankrupting Our Children's Future: Why Spending and Entitlement Reform Is Vital](https://reader036.vdocuments.mx/reader036/viewer/2022062709/55921eb41a28ab864b8b4587/html5/thumbnails/6.jpg)
10
2535 35
19
47
66 66
01020304050607080
LowestBracket
MiddleBracket
HighestBracket
CorporateTaxes
What would balancing mean for tax rates on our children?
2009 2050 2009 2009 20092050 2050 2050
Source: Congressional Budget Office
Marginal Income Tax Rates
![Page 7: Bankrupting Our Children's Future: Why Spending and Entitlement Reform Is Vital](https://reader036.vdocuments.mx/reader036/viewer/2022062709/55921eb41a28ab864b8b4587/html5/thumbnails/7.jpg)
![Page 8: Bankrupting Our Children's Future: Why Spending and Entitlement Reform Is Vital](https://reader036.vdocuments.mx/reader036/viewer/2022062709/55921eb41a28ab864b8b4587/html5/thumbnails/8.jpg)
![Page 9: Bankrupting Our Children's Future: Why Spending and Entitlement Reform Is Vital](https://reader036.vdocuments.mx/reader036/viewer/2022062709/55921eb41a28ab864b8b4587/html5/thumbnails/9.jpg)